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Banking & Finance Litigation Update BANKING & FINANCE LITIGATION UPDATE ISSUE 65 We wish to establish a dialogue with our readers. CONTENTS Please contact us at B&FL Update and let us know Domestic Banking ………………………………...2 which particular areas you are interested in and what you would find helpful. Domestic General ……………………………... ....4 The Banking & Finance Litigation Update is European Banking ………………………………...4 published monthly and covers current developments affecting the Group's area of practice and its clients European General ………………………………...6 during the preceding month. International Banking ……………………………...6 This publication is a general overview and discussion of the subjects dealt with. It should not be used as a International General ………………………………7 substitute for taking legal advice in any specific situation. DLA Piper UK LLP accepts no Press Releases …………………………………….. 8 responsibility for any actions taken or not taken in reliance on it. Case Law ………………………………………....10 Where references or links (which may not be active links) are made to external publications or websites, the views expressed are those of the authors of those publications or websites which are not necessarily those of DLA Piper UK LLP, and DLA Piper UK LLP accepts no responsibility for the contents or accuracy of those publications or websites. If you would like further advice, please contact Paula Johnson on 08700 111 111. DOMESTIC BANKING CO-OPERATIVE BANK BANK OF ENGLAND 7. The Co-op has hired Morgan Stanley to sell or run off its loan book in an attempt to raise more capital 1. Interest rates have been left at 0.5 per cent amidst to meet a target, imposed by the Bank of England, indications that Britain's manufacturing sector is of holding 7 per cent Basel III Tier 1 capital. The improving and the economy growing. Co-op said in January that it held 6.7 per cent making it the only institution to fall below the Times, 10 May 2013 regulatory minimum. 2. Mark Carney, the new governor-designate of the Times, 14 May 2013 Bank of England, has said in a speech that he advocates "forward guidance" in relation to 8. The Co-op's takeover of Britannia Building monetary policy and that borrowing rates will Society four years ago was meant to produce a continue to be held at very low levels until the "super-mutual" but the deal is threatening to end economy recovers. the idea of the Co-op being a major force in British banking. The recent downgrading by Moody's and Financial Times, 2 May 2013 the departure of chief executive Barry Tootel 3. The Bank of England's Funding for Lending following the failure of the deal to take over 632 Scheme has been given another year to increase Lloyds branches can be linked back to the 2009 lending to small and medium sized enterprises merger with the Britannia. (SMEs). The Scheme, which will now continue Daily Telegraph, 13 May 2013 until the end of 2014, will offer SMEs less expensive funding rates from the Bank of England 9. The Co-operative Bank has submitted a rescue than they would normally get from banks and will plan to the Bank of England that will force the possibly be extended to include finance houses as lender to sell parts of its business to plug a £750m well as banks. black hole in its finances. The bank submitted a capital plan to the Bank of England after results Financial Times, 24 April 2013 had showed huge losses on commercial property BARCLAYS loans. Senior City bankers said that there was no imminent danger of a collapse but the bank's 4. Barclays Wealth is introducing voice recognition capital levels were below the regulatory minimum. technology to replace pin numbers and security questions. The bank asserts that the technology Sunday Times, 12 May 2013 will be able to ascertain the validity of a customer within 30 seconds of a conversation taking place. HSBC 10. HSBC has released its latest quarterly figures, Telegraph.co.uk, 8 May 2013 recording its best performance in a quarter since it 5. Guardian Care Homes' case against Barclays in started publishing quarter-by-quarter results. The relation to allegations that the bank mis-sold swaps bank saw a near doubling of its pre-tax profits for will not be heard until next year, after Barclays the first three months of 2013 to £5.4 billion, with won permission to appeal to some aspects of the a year-on-year increase of 95 per cent in pre-tax case. A provisional trial date has been set for 29 profits. The increase was driven by a $1 billion April 2014. reduction in costs, a fall in bad debt charges and lower provisions for mis-selling claims. Guardian, 30 April 2013 Telegraph, 8 May 2013 6. Barclays Bank's first quarter profits have fallen by a quarter from the same time in 2012 to £1.78 LLOYDS BANKING GROUP billion. The reduction in profits was partly put 11. The price of shares in Lloyds Banking Group has down to the costs of "Project Transform" - the almost reached the minimum "break-even" level bank's scheme to restructure and reform itself, set by the government suggesting that the sale of announced in February - which are said to be £500 the government's 39 per cent share in the bank million, as well as to losses stemming from the could begin within the next few months. The reduction of its European retail arm. minimum sale price is 61.2p - shares have risen to Telegraph, 25 April 2013 02 | Banking & Finance Litigation Update 60.4p, the first time they have been above 60p in 17. Lloyds has issued 713 million new shares worth more than 12 months. £350 million as it continues its attempt to improve its balance sheet. The shares are being swapped Telegraph, 17 May 2013 for hybrid capital securities held by institutional investors and will increase Lloyds' share capital by 12. The chairman of Lloyds Banking Group, Win just over 1 per cent. Bischoff, has announced that he will leave the bank before the company's next annual general Independent, 23 April 2013 meeting in 2014, after 5 years in the role. He said that Lloyds was "ahead of the plan" in many areas THE ROYAL BANK OF SCOTLAND and that it is a good time for the bank to start 18. A share sale by the Government could start in 2014 looking for his successor. the chairman of RBS predicted as he stated that the turnaround of the lender was "substantially Guardian.co.uk, 13 May 2013 complete". Sir Philip Hampton's comments came 13. Lloyds Banking Group made its final repayment of as RBS reported a £826 million pre-tax profit for £3.5 billion to the European Central Bank (ECB) the first quarter of 2013. for the £13.5 billion loan granted to it by the ECB as part of a bail-out package in 2009. The final Daily Telegraph, 4 May 2013 instalment of the repayment came two years ahead 19. RBS is looking at up to six bids for the 315 of schedule and signalled the growing strength of branches it needs to sell as part of EU state aid the bank's balance sheet. rules following the collapse of its deal to sell them to Santander in autumn 2012. A decision on the Independent, 11 May 2013 final bidder to go through to due diligence is 14. Lloyds Banking Group's first quarter figures for expected to be made very shortly, and looks to be a 2013 rose dramatically from £280 million during choice between two consortiums - the first made the same period last year to £2 billion. The bank's up of approximately 20 asset management pre-tax profits were boosted by £800 million made companies and the second consisting of US private on the sale of gilts and were higher than analysts equity groups and a variety of British investment had predicted. companies. The new business will be rebranded as "Williams & Glyn's", the name of one of the Telegraph, 1 May 2013 previous incarnations of RBS. 15. Banco Sabadell, Spain's fifth largest bank, has Financial Times, 2 May 2013 agreed to buy Lloyds Banking Group's retail and private banking business in Spain in a deal worth 20. RBS will seek permission from its investors to sell up to €100 million. Lloyds will get €20 million in new "loss-absorbing capital instruments" in cash over the next five years, plus €84 million accordance with the push by regulators to make worth of shares in the Spanish bank. Lloyds said sure adequate buffers are in place in the country's that the deal was part of its strategy to concentrate biggest banks to withstand any new losses. RBS on business in the UK. will ask shareholders for the go ahead to issue new shares which, based on its current share price, Telegraph.co.uk, 29 April 2013 could allow it to raise in the region of £4.5bn through the sale of bonds that convert into the 16. Lloyds Banking Group will need to find another bank's own equity. buyer for the 632 branches it had hoped to sell to the Co-operative Bank after the Co-op withdrew Telegraph, 27 April 2013 from the year-long talks over the sale. The European Commission is forcing Lloyds to sell the 21. The Financial Conduct Authority (FCA) has branches by November 2013. The bank's chief written to the Court of Appeal to ask to be allowed executive, Antonio Horta-Osorio, said Lloyds to take part in a case involving allegations of the would "proceed with the option to IPO the mis-selling of interest rate swaps by the RBS.
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